A Dubai-based startup has raised $1.6 million in new funding to help launch its software that better connects social media users and the brands they follow.
For example, if a Twitter user retweets a brand’s tweet, then that user can automatically be sent a voucher giving them money off a purchase with that brand or an incentive to buy.
Essentially, Brndstr rewards a brand’s biggest fans on social media by getting them to talk more about the brand. A back-end system tells brands who retweeted their tweet, how many people the retweet reached and how many people redeemed an offer.
— Brndstr™ (@Brndstr) May 20, 2014
The startup is currently in a pilot phase with private-chauffeur company Uber and is also in talks with other brands and media buying companies in Dubai, according to founder and Chief Executive Simon Hudson. “We are a bolt-on to an existing brand campaign,” Mr. Hudson said in an interview.
Brndstr also aims to become a platform on twitter for consumers to find deals. People can tweet @brndstrs with a particular hashtag, such as #Dubai, and find all the latest campaigns by brands in Dubai. Mr. Hudson, 31, has a short-lived background in e-commerce having previously worked for Groupon Middle East where he helped plan the group-buying company’s daily deals.
The startup has a team of seven and is still in its infancy with few clients at the moment. It raised $600,000 last year from Dubai-based Funsho International, a relatively unknown holding company with a logistics firm based in Nigeria and real estate assets around the world. And last week, it raised a further $1 million from Funsho, which is aiming to diversify into the startup sector.
The cash will be used to hire business development and sales executives, and target media companies working with a number of different brands, Mr. Hudson said.
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(via WSJ Blogs)